The article may be found online at the Fortune magazine's Web site: http://money.cnn.com/magazines/fortune/ (search for "The Millionaire Boys' Bank"). The article is written by Carol J. Loomis, a veteran financial journalist.
"Rarely in the launch of any new business, and certainly any new bank, is there such a focus on that business from one of the nation's most heralded journals of finance and capitalism," said Dan Donahue, Chairman and CEO, Fieldpoint Private. "However, Fortune magazine has provided Fieldpoint Private Bank & Trust just with such coverage -- chronicling our startup and first two years of rapid growth from our bank's Greenwich home, based on a marketplace need for high-level service which all our Founders have built into our mission."
Donahue also noted that the story included a reference to the bank's planned expansion into New York City, and added that a branch will open in early 2011.
Among excerpts noted in the Fortune story:
"The founders... are for the most part a who's who of business..."
"Most especially, says Donahue, they [the bank's initiators] sought 'nice' people [as founders] with a record of backing charitable causes..."
"... the world needed a new private bank to serve people just like themselves: high-net-worth individuals wanting good service and not always getting it from their existing providers."
"Success, in this case, has tagged along. Fieldpoint has grown -- virtually sprinting in 2009 and 2010 -- to $345 million in assets... Overall, Fieldpoint is cash-flow positive right now and expects to become profitable in the next couple of months."
"It is in fact very unusual to have a 'wealth bank' to be established... Fieldpoint, having success in getting its banking charter, seems to lack competitors that it can be compared with."
"... Fieldpoint's opportunity lies in the failings of many existing private banks. [Founder Daniel Tully] and Donahue had heard tales from wealthy friends of poor advice and frustrating service that descended in some extreme, and perhaps apocryphal, cases to customers being unable to get a real person on the phone when they called their banks. (Let it be noted that Fieldpoint's private bankers give their cellphone numbers to their customers and say they'll take a call 24/7.)"
"Donahue says the bank gained depositors who were running from banks... and saw Fieldpoint as a safe harbor."
"Now on the board of Fieldpoint, [Reginald] Brack also raves about its services. The bank helped him revise an outdated estate plan, refinanced his daughter's apartment, put him together with outside money managers he likes, and holds a lot of his cash."
"Certainly, we are proud to serve each and every Fieldpoint Private Member uniquely, with a level of service that is unsurpassed," Donahue said. "We have assembled a top-notch team at our bank -- and all our wealth management services are 'conflict-free' where investment decisions are based purely on the interest of each Member. To have our launch story told in such detail is both humbling and yet at the same time a proud testament to our service -- and performance-driven mission."
"We are thrilled with the article and recognition," Donahue said, "only the title of the article doesn't do our women shareholders, who love the bank also, any justice. Simply the word 'millionaire' would suffice."
About Fieldpoint Private Bank & Trust
Fieldpoint Private (www.fieldpointprivate.com) offers private banking, business banking, wealth management & trust services, and family office services. Founded in 2008, Fieldpoint Private opened its doors amid a volatile financial environment, offering an innovative and secure solution to the high-net-worth community of Greenwich, Connecticut, and surrounding areas. The bank's "Member-centric" approach to service treats its clients as if they were Members of the bank, rather than simply a client or customer. In this approach, the bank seeks to best emphasize what is best for each Member, in consultation with them, helping to assure for them a sense of success in their banking and wealth management decisions. By focusing on select relationships, Fieldpoint Private aims to ensure a true commitment to impeccable service and consistently flawless execution. "You do more than bank with us, you join."
Media Contacts:
Chet Dalzell
PR @ UMarketing for Fieldpoint Private
866.482.0288, ext. 180
917.608.2251
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